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, israel launches a massive military operation in response to hamas. >> gold also higher. one of those days where energy went higher and stocks went lower. we're setting lows right now. the dow down 126 points at the 12,629 level. the nasdaq and s&p are also moving lower. the nasdaq has moved into correction territory, down about 10% from its highs set earlier this year. the s&p is down sharply as well at this hour. so it was those fed minutes, the continued fears we may go over the fiscal cliff as the negotiations are being carried out so far in a very public arena right now. we are off the worst levels of the day, but will these concerns keep investors out of the market right now? let's talk about that, shall we? >> that's what we want to in today's "closing bell" exchange. neil, let me kick this off with you. good to see you. thanks for joining us. as somebody who's putting capital to work in this market, you see a market that is down 600 points on the dow industrials. just since the election, that's 4% declines since the election on november 6th. what do you want to do here? do you want
discovered. they also a studied slang on twitter. dod overhead is larger than the gdp of israel and the uae. he recommends $67.9 billion in savings in ten years are cut out of the pentagon budget by going afr some of the things he lists here. so a lot of wasteful spending here being highlighted over at the pentagon by a republican which is interesting. >> all right. eamon, thanks very much. maria. >> thank you so much. as you just heard, billions of dollars being wasted just in the defense department alone. yet, it is the tax revenue side of the fiscal fight that's getting all the attention, bill. >> it's always a time to put spending cuts front and center in this debate. let's ask someone who's spent a lot of time at negotiating table in issues like this. congressman barney frank joins us now. welcome back. >> thank you. >> big picture first. i'm not saying everybody was singing couple buy ya after the election, but it sounded like they were more willing to compromise. the rhetoric seems to have picked up. do you sense this is going down to the wire? can they come to a compromise? >> yes a
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